Mr. Michael Iverson reports

PROSPECT RIDGE RESOURCES ANNOUNCES RESULTS FROM THE HOLY GRAIL PROPERTY AND PROVIDES CORPORATE UPDATE

Prospect Ridge Resources Corp. has released prospecting results on three showings on its Holy Grail property. The grab samples collected contain mainly gold, silver and copper, but also include lead and zinc. The Holy Grail property forms a horseshoe that encloses the company's fully owned Knauss Creek property in its southeastern part and is located 10 kilometres north of Terrace, B.C. All samples reported herein were obtained from Prospect's 2021 exploration campaign.

Results highlights include:

• Grab sample C362354 returned 28 grams per tonne Au, 56.9 g/t Ag and 2.03 per cent Cu on the 4 Shore showing.
• Grab sample C362357 returned 13.7 g/t Au, 39.9 g/t Ag and 1.33 per cent Cu on the 4 Shore showing.
• Grab sample C363353 returned 0.37 g/t Au, 58.7 g/t Ag and 3.43 per cent Cu on the Maroon Creek showing.
• Grab sample C363092 returned 6.7 g/t Au, 21.1 g/t Ag and 0.12 per cent of Pb on the Iceberg showing.

Prospect Ridge's chief executive officer, Michael Iverson, commented: "We are extremely pleased with the high-grade results obtained from such an early of our campaign and look forward to the results and reporting on the next batch of samples. These results continue to illustrate the very high potential of this property. In addition to the gold and silver, the consistent presence of base metals continues to add value to our Holy Grail property."

4 Shore showing

The 4 Shore showing is located near the middle western edge of the property, approximately 32 kilometres north of Terrace. The grab samples were obtained on both sides of the Nisga'a highway, over a strike length of 700 metres. Two adits, one north facing and the other south facing, separated by approximately 120 metres, were sampled by C362351 and C362354, respectively. The quartz veins in the adits are east-west oriented.

Maroon Creek

The Maroon Creek showing is located approximately three kilometres southeast of the 4 Shore showing. The float samples were obtained from the north side of the creek, and are gold-, copper- and silver-bearing. No lead and zinc were obtained as in other areas of the property.

Iceberg

The Iceberg showing's best grab samples are predominantly silver- and lead-bearing accompanied either by gold or zinc. Along with the samples published in the news release dated Oct. 29, 2021, they were taken in an area of about one kilometre by 1.5 kilometres located in the northwestern part of the property. The four best samples are noted herein. Those results were obtained by sampling quartz veins containing sulphides.

Corporate update

The company would like to provide a corporate summary of the latest events and outline its plans for the 2023 field season.

The company achieved two significant milestones regarding its properties: it acquired 100 per cent of the Knauss Creek property by accelerating the earn-in requirements under its option agreement (see news release dated Nov. 25, 2022) as well as reached an agreement and accelerated the acquisition of 100 per cent of the Holy Grail property (see news release dated Feb. 8, 2023). With full title and control over its land package, Prospect Ridge is well positioned to exploit the opportunities in front of it.

Additional changes have occurred within the company's executive management team and board. The company was saddened by the passing of former director Dr. Allen Alper. In addition, Nick Lushka stepped down as executive vice-president and as a director. Welcome additions are Yan Ducharme, MSc, PGeo, who joined Prospect Ridge as president and a director, and Michael Michaud, MSc, PGeo, who has also joined the board (see news release dated March 16, 2023). The company will continue to strengthen its board and management team throughout the year.

The field season commenced at the beginning of May with the company's team comprising many returning staff. Prospecting and geological mapping on the western edge of the Holy Grail property are currently taking place. A drill program is being designed with a focus on better understanding each showing and new ground is being investigated. The shipping of samples to the laboratory has commenced and Prospect anticipates assays being available in the coming months.

Quality assurance/quality control

Some rock samples were assayed for gold by standard 50-gram fire assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1,000-gram metallic screening (Au_SCR24) at ALS Canada in Terrace, B.C. The samples were also assayed for 35 metals from an aqua regia digestion with inductively coupled plasma atomic emission spectroscopy finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc aqua regia with ICP finish was used (OG46 ore grade).

Other rock samples were assayed for gold by standard 50-gram fire assaying with atomic absorption finish (FAS-121) or gravimetric finish (FAS-425) or 1,000-gram metallic screening at MSALABS Laboratories in Terrace, B.C. Rock samples were also assayed for 35 metals from an aqua regia digestion with ICP-AES finish (ICP-130). For samples with overlimit results in silver, arsenic, copper, lead and zinc aqua regia with ICP finish was used (ICF-6 ore grade).

A quality assurance/quality control program has been implanted and consists of inserting standards, blanks and duplicate on a regular basis in the samples stream. Grab samples and erratic blocks are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.

Qualified person

All scientific or technical information included in this news release has been reviewed, verified and approved by Mr. Ducharme, MSc, PGeo, president of the company and a qualified person as defined by National Instrument 43-101. This news release was written by Mr. Ducharme.

About the Holy Grail property

The Holy Grail property starts about 10 kilometres north of the town of Terrace in the province of British Columbia, Canada. It is easily accessible by Highway 16, the Nisga'a highway and a network of logging roads. It covers about 700 square kilometres and is contiguous to Prospect's fully owned Knauss Creek property. Prospecting led to the discovery of several gold, silver, copper, lead and zinc showings. Gold-rich grab samples with values up to 50 grams per tonne gold were obtained.

The southern tip of the Golden Triangle is located a few tens of kilometres northwest of the Prospect properties. The Bowser Lake and the Hazelton groups, hosting the majority of deposits and mines of this area, are also underlying the Knauss Creek and Holy Grail.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources is a British Columbia-based exploration and development company focused on the gold exploration near the prolific Golden Triangle. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believe that the Knauss Creek and Holy Grail properties have the potential to extend the boundaries of the Golden Triangle to include this underexplored region.

We seek Safe Harbor.